Maryland

Md. Holds Covenant to Pay Lease Commissions Extinguished By Foreclosure

Md. Holds Covenant to Pay Lease Commissions Extinguished By Foreclosure

The Court of Appeals of Maryland determined that, after a foreclosure sale, commercial real estate brokers could not enforce a covenant to pay renewal leasing commissions against the new owner, because the right to renewal commissions were personal obligations of the Original Owner/Landlord, which did not run with the land.

Md. Holds Collection Agency License Not Required for Foreclosing Creditor

Md. Holds  Collection Agency License Not Required for Foreclosing Creditor

The Court of Appeals of Maryland held that a foreign statutory trust, which merely served as a special purpose vehicle to own a mortgage loan, was not required to obtain a collection agency license prior to pursing foreclosure through its substitute trustees.